Transforming an idea into a viable business can be intimidating, even for the most ambitious students, faculty and community members.
Aiming to ease that process, Nebraska’s NUtech Ventures recently hosted From Idea to Startup, a two-day workshop designed to move ideas from the lab to consumers. The event, held at the Nebraska Innovation Campus, was co-hosted by NUtech Ventures, the Nebraska Center for Energy Sciences Research, the Nebraska Public Power District and Innosphere Ventures.
“We designed this workshop not only to train our university entrepreneurs on topics they need to learn in order to create a startup; we also wanted to immerse them in the incredibly supportive entrepreneurship ecosystem that we have here in Nebraska and the broader Midwest. I think we accomplished that,” said Joy Eakin, entrepreneurship program manager for NUtech Ventures.
Mark Riley, associate dean for research in the University of Nebraska–Lincoln’s College of Engineering, said the workshop focused on key steps for evolving cutting-edge research into a business.
“Most faculty have minimal business experience, but Nebraska offers quite a number of support structures and facilitation which provide a great opportunity to explore entrepreneurship with guidance and safety nets,” Riley said. “Right now is a great time for researchers to tap into these resources available in Nebraska. And there are a lot of people willing and able to help give entrepreneurs a leg up.”
Before they get that leg up, though, it is imperative to validate the idea, define its value and interview potential clients to ensure there’s a viable market.
“Any company should ask themselves ‘does my solution solve a compelling problem? How big can it be? Does the business model work and scale? Is it innovative and defensible? Why us and why now?’” said Ben Williamson, investment lead for Invest Nebraska and managing director of Grit Road Partners, who also explained various funding models, including venture capital, angel investors, and self-funding.
Those who are interested in a deeper dive about customer discovery may wish to sign up for the next cohort of Nebraska I-Corps, a free six-week entrepreneurship training program led by NUtech Ventures. To learn more, visit NUtech Ventures’ website here and the Great Lakes I-Corps website here.
Student participants also praised the workshop.
“As a researcher interested in entrepreneurship, workshops like From Idea to Startup are invaluable for understanding how to commercialize research and bring it out of the laboratory,” said Patrick McManigal, a doctoral student in UNL’s School of Computing.
McManigal won first place in the 2024 Engineering Pitch Competition for Midwest Biometrics, a startup featuring eNose, a wearable device designed to non-invasively screen users for colorectal cancer.
Kathy Andersen from the Lincoln Partnership for Economic Development, Aidan Larsen from the Nebraska Department of Economic Development, Josh DeMers from the Combine and Invest Nebraska, Josh Nicholl-Caddy from NBDC and Innosphere Ventures’ Tim Jones introduced attendees to the region’s robust startup ecosystem.
"Clearly the Combine has become a thriving resource for new startup development right in our backyard,” Riley said. “Innosphere has been a great partner over these past years, and I appreciate hearing their wisdom and outside perspective on all the phases of startup development shared with faculty. I believe that especially the discussions on financing and the various options for working with investors opens the eyes of our researchers to how to build those relationships and what to keep in mind when making commitments. And having the perspective of entrepreneurs who are currently in the development process really helps our researchers to see what efforts to take and how to translate the support into practice.”
Attendees were also guided to additional resources for those who aim to start a business. They included NUtech Ventures’ new startup guide; the Combine, which offers commercialization support; the Nebraska Innovation Studio, a makerspace that includes 3-D printers; the Biotech Connector, which offers 7,700 square feet of well-equipped wet lab space; the Suite Spot, office space in the Food Innovation Center, and the Innovation Advancement Suites, with shared office space, all located on the Nebraska Innovation Campus.
More details at: https://news.unl.edu/article/nutech-ventures-workshops-help-campus-entrepreneurs